A top crypto strategist known for making timely Bitcoin calls is outlining a price level where he thinks BTC’s eight-month consolidation could come to a close.

Pseudonymous analyst DonAlt tells his 589,100 followers on the social media platform X that he believes Bitcoin will gather more bullish momentum if it clears a crucial resistance area.

The trader also notes that it would be healthy for BTC to retest its immediate support before moving higher.

“>$65,000 and I’d wager we’ve finally escaped the endless chop
<$58,000 and sadness awaits
>$61,700 is a good first step towards $65,000 being broken

I’m hopeful we’ll go up after all this chop has ended.” 

At time of writing, Bitcoin is trading for $62,663.

DonAlt is also keeping a close watch on the top smart contract protocol Ethereum (ETH). According to the analyst, ETH appears to be forming an ascending triangle pattern – a bullish reversal structure if an asset takes out its horizontal resistance.

“I shall name it the triangle of cope.”

In a video update, DonAlt says that ETH will start to look bullish if it soars above its horizontal resistance.

“Above $2,700 is already enough, like above $2,700 ETH starts looking really attractive. If not, even $2,500 if you want to be really, really aggressive.”

At time of writing, Ethereum is worth $2,458.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

A cryptocurrency analyst and trader is saying that Ethereum (ETH) is primed to fall to levels last recorded in late 2023.

The analyst pseudonymously known as Capo tells his 104,092 Telegram subscribers that Ethereum could fall by over 26% from the current level.

“Ethereum has been ranging between $2,000 and $2,800 for two months. It appears to be an accumulation range. However, as mentioned in recent days, it is likely that we will see one final shakeout before an expansion, to $1,800 – $2,000 (the spring phase of the accumulation schematic).”

Ethereum is trading at $2,430 at time of writing.

According to the pseudonymous analyst, an Ethereum collapse could lead to altcoins plummeting, consequently increasing the chances of a proper altcoin season kicking off down the road.

“If that potential shakeout occurs, altcoins should dump 20% – 40%, a ‘capitulation candle’ similar to the Covid crash. Don’t get scared if that happens. It would probably be one of the best buying opportunities in months.”

Turning to Bitcoin (BTC), Capo says the recovery of the flagship crypto asset to above $60,000 earlier this week after pulling back to under $59,000 appears to be a “dead cat bounce.” A dead cat bounce is an uptick in the price of an asset after a downtrend which gives a false sense of a rally but then is followed by another leg down.

Says Capo,

“First move done.

Now we should see a local top formation around here and bearish continuation this week.” 

Bitcoin is trading at $62,275 at time of writing.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/liorigo

Generated Image: DALLE-2

Ethereum price extended losses and tested the $2,320 support. ETH is now correcting losses and might aim for a fresh increase above the $2,420 resistance.

• Ethereum remained in a bearish zone and traded below the $2,360 zone.
• The price is trading below $2,420 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must stay above the $2,350 support level to start decent increase in the near term.

Ethereum Price Aims Upside Break

Ethereum price failed to start a fresh increase above the $2,450 resistance zone. ETH remained in a bearish zone like Bitcoin and traded below the $2,365 support zone.

There was also a move below the $2,350 level. The price tested the $2,320 support zone. A low was formed at $2,329 and the price is now rising. There was a move above the $2,350 and $2,365 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low.

Ethereum price is now trading below $2,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,420 level. There is also a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD.

The trend line is close to the 61.8% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low. A clear move above the $2,420 resistance might send the price toward the $2,450 resistance.

An upside break above the $2,420 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone in the near term. The next hurdle sits near the $2,550 level or $2,560.

More Losses In ETH?

If Ethereum fails to clear the $2,420 resistance, it could start another decline. Initial support on the downside is near the $2,380 level. The first major support sits near the $2,350 zone.

A clear move below the $2,350 support might push the price toward $2,320. Any more losses might send the price toward the $2,265 support level in the near term. The next key support sits at $2,220.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,320

Major Resistance Level – $2,420